Market Trends of Naphthalene Derivative Industry
This section covers the major market trends shaping the Naphthalene Derivative Market according to our research experts:
Construction Industry to Dominate the Market
- Construction industry stands to be the dominating segment for the utilization of naphthalene derivatives owing to their odorless nature and low volatility.
- Momentous utilization of naphthalene in the construction industry to expand the smoothness of solid blends in concrete to fortify the structure framework is in turn expected to fuel the growth of the global naphthalene derivatives market over the forecast period.
- Among the derivatives, sulfonated naphthalene formaldehyde (SNF) accounted for the highest market owing to its use as a superplasticizer within concrete mixtures in the construction sector and is expected to dominate the market studied over the forecast period.
- Countries like China, India, United States of America, Canada, and Vietnam have been recording a rise in residential construction projects, which is likely to enhance the consumption of naphthalene derivatives in the region.
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Asia-Pacific Region to Dominate the Market
- Asia-Pacific is expected to be the most lucrative market for naphthalene derivatives market, owing to the rising economy, strong growth of construction and textile sectors to support the increasing population.
- Naphthalene derivative is used in material dyeing and bleaching and growing textile industry catalyzes the growth of naphthalene derivative market. Asia is the largest textile manufacturer across the globe with Countries like China, India, Indonesia, Vietnam and Bangladesh.
- In China, the textile industry has been witnessing a slow growth due to China-US trade sanctions. However, in 2018, the industry steadily stabilized, and witnessed almost 5% growth. The growth of the textile industry in the country is fueled by sharp increases in the production of garments, home textiles, and chemical fiber.
- According to IBEF, India's textile industry is one of the oldest industries in the Indian economy, which contributed almost 7% of the industry's output. The Indian textiles industry was estimated to reach USD 250 billion in 2019. These factors are expected to contribute to the demand for naphthalene derivatives during the forecast period.
- Naphthalene derivative consumption witnesses a rapid growth on account of increasing utilization in production facilities across various industries such as chemicals, pharmaceuticals, paints and coatings, and others.
- Moreover, countries like China, India, and Vietnam, etc. are witnessing infrastructural expansion and remodeling activities which in turn augment the growth of naphthalene derivative market.
- Hence, all such market trends are expected to drive the demand for naphthalene derivative market in the region during the forecast period.
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